to our economy, far worse than any economic period seen in the history of the united states. in my judgment if the federal government becomes insolvent or goes into bankruptcy because the debt has accumulated to such an extent that it overwhelmed our ability to pay. in that context, then, i'm willing to raise the debt ceiling if one or two things happens. first, the constitutional amendment must pass the united states congress and sent to the people. >> that could happen. >> certainly may not happen if we don't try, the second is, substantial spending cuts. >> according to john boehner that is not going to happen either. >> a sincere effort of trying to address the problem, the trillion dollar a year deficits are unsustainable. >> we get that from republicans, i'm trying to get at what has happened within the republican congress in the house such that the day after the inauguration, the republican leadership is saying let's not raise the debt ceiling? let's pretend we simply do not have one. and do that for a period of months. is that -- is that thing going to get the votes? that i

soon. because that could put us back in a recession. it would pull too much demand out of the economy. for the long-term when people say correctly, we have a serious, long-term fiscal problem, the cause of the problem is that if we don't do anything the debt will rise faster than the economy grows. and ultimately we'll have to pay so much in interest payments, we're in big trouble. but what we need to do to prevent that is to keep the debt stable. to keep it from rising faster than the economy grows. and to do that you need deficits below about 3 or maybe 2 and a half percent of the gross domestic product each year. you don't need the deficits at zero. you don't need the balance. and in fact, the difference between a small deficit to 2, 2 and a half percent of gdp, if the difference was if you shorted funding for education and highways and roads and bridges and basic scientific research, you would probably have a smaller economy in the long run, not a bigger one. because you would have starved the very kind of investments you need to fuel long-term productivity increases and growth in

sentra an economy car minus the look and feel of an economy car. wonder how civic and corolla look and feel about that. the all-new nissan sentra, with best-in-class mpg. lease for $169 per month. visit choosenissan.com. >> and now we're going to take a look at the third and final obama dance of the night, where the couple had to dance in front of millions and millions of people around the world. joy reid, they started off. the first dance was so stiff i couldn't believe it. did you see the first dance? >> i was in the second dance, so i couldn't see anything -- >> then they loosened up there, in the third -- since they had the second, basically as rehearsal, they got it right. >> and the second one was lovely, it was -- they made the room disappear, they seemed to have fun which is a hard thing to do. >> it was a brightly lit, anti-romantic room. >> and you have to realize, what you can't see everybody is standing in this massive ballroom, which is a big, empty warehouse, they're all looking while you're trying to be romantic. and all of these people are screaming and flashing cam

for the careers of our new economy. by 2025 we could have 20 million jobs without enough college graduates to fill them. that's why at devry university, we're teaming up with companies like cisco to help make sure everyone is ready with the know-how we need for a new tomorrow. [ male announcer ] make sure america's ready. make sure you're ready. at devry.edu/knowhow. ♪ get coricidin hbp. the number one pharmacist recommended cold brand designed for people with high blood pressure. and the only one i use to relieve my cold symptoms without raising my blood pressure. coricidin hbp. [ construction sounds ] ♪ [ watch ticking ] [ engine revs ] come in. ♪ got the coffee. that was fast. we're outta here. ♪ [ engine revs ] ♪ >>> coming up, john boehner's miracle. he actually made the debt ceiling disappear today. ezra klein will explain it all next. and in the rewrite tonight, why wayne lapierre's attack on president obama last night was a crime against history. that is coming up. [ male announcer ] this is anna, her long day teaching the perfect swing begins with back pain and a choice. take ad

out notions. it only applied to men of a certain level in the economy. he never said it that way, but that is really what was going on. >> yes, but, he is saying yes, they fell short. but the ideals they put out there should still guide us. >> they left a brilliant framework for improvement. >> which was what king talked about, this promissory note. the idea that king and the founding fathers being the north star here. he used it in the nobel prize speech. it gets back to a running theme for the president all along, which is the world as it is, versus the world as it should be. and what he says, all along, even if i'm not up to it or even if i'm not a king or founding father or lincoln, having that purpose, that sense of direction, the north star is what we should strive for. and striving for things is actually what creates something worthwhile, even if you fail. >> joy, your general reaction? >> i thought it was wonderful, i thought yes, we can, still is the best speech that i have heard. he walked away from that sort of rhetoric, because he needed to communicate basically about

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